Reliance Industries has declared the much-awaited details of its rights issue, which is not only India’s largest but the company’s first in nearly three decades. Glenmark Pharmaceuticals, Zydus Cadila said they are all set for the clinical trial of Covid-19 drugs. After 6 years, TCS became the most-profitable company after posting a higher profit than Reliance Industries. Here are the top 10 stories that made news on Thursday:

In race to stop Covid-19, Indian drugmakers to conduct clinical trials

After getting DCGI nod, Glenmark Pharmaceuticals will start clinical trials of antiviral drug Favipiravir on mild to moderate Covid-19 patients in May. Meanwhile, Zydus Cadila will start clinical trials on Interferon alfa-2b, a drug that it already makes commercially for Hepatitis C, for the coronavirus.Read here.

Reliance Industries declared the details of India’s largest and the company’s first rights issue, on Thursday. RIL is planning to raise Rs 53,125 crore by issuing one equity share for every 15 shares held by eligible shareholders as on the record date, which will be announced later. Read here.

After 7.1 per cent growth in February, the output of India’s eight core sectors contracted by a record 6.5 per cent in March. The output in 2019-20 dropped to just 0.6 per cent, down from the 4.4 per cent growth seen in the previous year. Read here.

Reliance Industries reported a 33.5 per cent decline in its consolidated profit before tax (PBT) at Rs 9,223 crore for the March quarter due to pressure in its petrochemicals business, higher expenses and exceptional items. The company incurred a loss of Rs 4,245 due to the nationwide lockdown and inventory losses because of fluctuations in the global oil prices. Read here.

TCS snatches most-profitable tag from Reliance Industries after 6 years

With the decline in profit, RIL has lost the tag of India’s most profitable tag to Tata Consultancy Services in the March 2020 quarter. TCS profit after tax (PAT) stood at Rs 8,049 crore during the January-March 2020 quarter. Read here.

Hindustan Unilever, the country’s largest consumer goods company, reported a 7 per cent decline in volumes for January-March quarter (Q4FY20), which is even worse than the demonetisation quarter (October-December 2016), when the fall was 4 per cent. Read here.

Hit by Covid-19, India’s FMCG market to see slowest growth in 4 years

India’s fast-moving consumer goods market, which is worth Rs 4.3-trillion, will see its slowest growth in four years due to the coronavirus pandemic and nation-wide lockdown that has disrupted supply chains and changed consumer behaviour. In a forecast Nielsen pegged FMCG growth for the 2020 calendar year to be at 5-6 per cent, half of what was estimated by it in January. Read Here.

A month after lockdown, auto dealers making first moves to get back to biz

After a completely dry April due to the Covid-19 lockdown, which is expected to see retail and wholesale sales at zero or near-zero levels for the first time in history, the auto sector is slowly making a comeback. Dealers located in green zones are applying for permission under the Shops and Establishments Act to reopen their showrooms. Maruti Suzuki India and Hyundai Motor India, have already opened a few dealer and service centres. Read here.

The deadline for the government’s ambitious direct tax settlement scheme — Vivad se Vishwas — is likely to be extended by three months till September 30. Read More

Second stimulus: Govt plans targeting based on need, MSMEs to begin with

With all sectors being affected by Covid-19 and the nationwide lockdown, the government is now working on a rescue package that may address the needs of the MSME sector rather than the larger corporate sector. More than six meetings have been held at the Prime Minister’s Office to discuss the scope and quantum of the second fiscal package, The Indian Express reported.